Credit, collections & insolvency news
New research from GBG has revealed 81% of European businesses believe cross-sector collaboration and intelligence sharing is key to stemming the rising tide of fraudulent criminal activity. The findings are part of GBG’s new Global Fraud Report 2024 which surveyed businesses in the UK, France, Germany, and Spain in financial services, fintech, crypto, banking, retail…
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The UK is fast becoming a global hotspot for online fraud, which is having a devastating impact on both businesses and the economy according to research from fraud prevention platform Ravelin. The analysis shows online fraud is increasing globally but has grown more in the UK in the last 12 months than any of the…
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The Government has launched a new HMRC fraud and error taskforce in a bid to recover overpayments made to UK taxpayers during the pandemic. The £100 million Taxpayer Protection Taskforce of 1,200 HMRC staff will combat fraud and aims to recover up to £1.5 billion from fraudulent or incorrect payments for the 2022/23 financial year.…
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A restaurant manager has been givena suspended sentence after using Covid Bounce Back loan to buy jewellery. The Manchester-based restaurant manager fraudulently obtained two Covid loans worth £100,000. Sehrish Yasmin was sentenced to 10 months in prison, suspended for 12 months, at Manchester Crown Court. The 32-year-old was also ordered to pay costs and compensation…
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Two in five (40%) SME decision-makers do not have protective measures against fraud and scamming in place, leaving them at risk of an incident or attack according to research by insights agency Opinium. The research, conducted among 500 senior decision makers at SMEs, found that this rises to 45% among SMEs in hospitality, food &…
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A man who cheated taxpayers out of £50,000 by using the funds from a Covid loan to replace his car has been sentenced for fraud. Insolvency Service Investigations found that James Todd applied for and secured a £50,000 Bounce Back Loan for a fictitious business he named Pro Detailing, inventing a turnover of £255,000 to…
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A fraudster who illegally secured a £50,000 Bounce Back Loan designed to support businesses during the Covid pandemic has been handed a suspended sentence. Rian O’Keeffe, 28, was sentenced to 18 months in prison, suspended for two years, when he appeared at Southwark Crown Court. O’Keeffe, of Lisgar Terrace, Hammersmith, is also subject to a…
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An Accountant who took out three Bounce Back Loans has been given a 12-year director ban by the Insolvency Service and must repay £75,000. Dion Mailich took out three Bounce Back Loans for his business – despite being only entitled to one. The Accountant applied for loans totalling £125,000 – five times the amount his…
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A man from Milton Keynes who committed approximately £867,299 of fraud has been sentenced at Isleworth Crown Court to 7 years 10 months in prison, following an investigation by the Dedicated Card and Payment Crime Unit (DCPCU), a specialist police unit funded by the banking industry. Zaheer Abbas, pleaded guilty to 12 counts of fraud…
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More than half (59%) of the regulated firms that take on new business clients are leaving themselves exposed to serious red flags by not completing critical verification checks on the people running the business according to research by SmartSearch. The research found that business said that they do not always carry out essential checks, despite…
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Companies House has announced new and enhanced powers to improve the quality and reliability of its data and tackle misuse of the companies register. The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on Monday 4th March 2024. Changes introduced include: Greater powers to query information and…
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A London-based builder sentenced for Covid loan abuse after an investigation by the Insolvency Service. The self-employed builder from Hounslow overstated income to claim £50,000 Bounce Back Loan then lost it in scam crypto investment scheme. Lukasz Nowak a self-employed builder from Hounslow, West London, was sentenced to 20 months imprisonment, suspended for two years,…
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Criminals stole £42.6 million from businesses through authorised push payment (APP) fraud in the first six months of 2023 according to new data from UK Finance . The research found that nearly one in five small business oweners (17%) participants could not always spot a scam. The data comes from results of the quiz, designed…
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